The US job market is flashing a warning signs:
Non-farm payroll growth slowed to +0.97% YoY in July, the weakest pace since 2020.
This marks the 3rd consecutive month with growth near +1% YoY.
Meanwhile, the 3-month average payroll change has fallen to +35,000, the lowest since June 2020.
Outside of 2020, this represents the weakest labor market in 15 years.
In previous business cycles, such a slowdown in growth has preceded recessions.
Will history repeat itself this time?
🄳🄾🄾🄼🄿🤖🅂🅃🄸🄽🄶
Non-farm payroll growth slowed to +0.97% YoY in July, the weakest pace since 2020.
This marks the 3rd consecutive month with growth near +1% YoY.
Meanwhile, the 3-month average payroll change has fallen to +35,000, the lowest since June 2020.
Outside of 2020, this represents the weakest labor market in 15 years.
In previous business cycles, such a slowdown in growth has preceded recessions.
Will history repeat itself this time?
🄳🄾🄾🄼🄿🤖🅂🅃🄸🄽🄶